First check the IPO registrar’s allotment status and the channel you used to apply. No shares in your demat account does not, by itself, mean your application was rejected: you may have received no allotment, your funds may still be blocked, or the shares may be awaiting credit. The right next step depends on which status you find.
Check your application, allotment and payment status
- Check with the application channel. Ask the broker, bank, depository participant (DP) or other intermediary through which you applied to confirm that the bid was submitted and to check its payment or UPI mandate status.
- Check the registrar’s allotment result. The National Stock Exchange (NSE) directs investors to the registrar for allotment-related details. Compare that result with your application record.
- Verify the bid if needed. NSE’s bid verification module shows bids entered against a registered PAN. NSE says the data is available six days after the issue closes. A UPI mandate or blocked amount does not prove that a bid was valid or that shares were allotted.
For an issue-specific rejection reason, contact the registrar and check the issue’s offer documents. NSE says only one bid per PAN is allowed; additional bids may not be blocked by the system but are likely to be rejected at allotment. NSE e-IPO FAQ
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Choose the next step by the status you see
| Status | What it may mean | What to do |
|---|---|---|
| Registrar says rejected | A validation, eligibility or technical rule may have applied. | Ask the registrar for the stated reason and compare the application details with the offer documents. |
| No allotment; funds still blocked | The block for an unsuccessful application has not been released. | Contact the UPI app, bank/SCSB, registrar, merchant banker or submitting intermediary with your application and mandate details. |
| No allotment; funds debited | The payment may need to be reconciled with the application outcome. | Complain through the UPI app or contact the bank, registrar, merchant banker or intermediary. Provide the application details and unique mandate number, if available. |
| Allotment confirmed; shares absent from demat | The credit may be pending, or the application may name a different demat account. | Check the demat details on the application and contact the registrar and your DP. |
| UPI mandate missing | The request may not have reached or been accepted in the UPI app. | Check pending requests and ask the member through which you applied to verify the mandate status. |
If the application was rejected
Ask the registrar for the specific rejection reason; do not assume that every rejection has the same cause. Compare the application with the PAN, applicant-owned bank or UPI details, bid information and demat particulars you submitted. SEBI says a retail individual investor’s application using a third-party UPI ID, or an application in any category using a third-party bank account, is liable for rejection. Other technical rejection rules can depend on the issue and its offer documents.
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If you made more than one bid using the same PAN, ask the registrar which bid was considered. NSE’s e-IPO FAQ says: “One bid per pan is allowed, thereafter which system shall not block any investor placing further orders, but the order is likely to be rejected while allotment.” NSE e-IPO FAQ
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If you received no allotment and the amount is blocked or debited
Amount still blocked
Under ASBA, money remains in your account while blocked until allotment is finalized. The amount for allotted shares is debited; if there is no allotment, the block should be released. If it remains blocked, complain through the UPI app or contact the bank/SCSB, registrar, merchant banker or intermediary that handled the application. SEBI UPI-ASBA FAQ
Amount debited despite no allotment
Contact the UPI app or the bank, registrar, merchant banker or application intermediary to trace the debit. State the amount and transaction date, and attach the bank or UPI transaction record. If more was debited than the value of shares allotted, include the unique mandate number and application details.
For either case, provide enough information for the recipient to trace the application: issue name, application number or reference, PAN, bid details, bank account, UPI ID, mandate status and unique mandate number if shown. A blocked amount is not proof of payment to the issuer or of an allotment. SEBI UPI-ASBA FAQ
If the UPI mandate never arrived
Check the pending-request or mandate area in your UPI app, then ask the member through which you placed the bid to confirm the request’s status. NSE’s FAQ describes a one-time re-initiation by the member during the issue period, subject to its system process. Contact the member promptly while the issue is open; do not assume a mandate can be resent after the issue closes. NSE e-IPO FAQ
If allotment is confirmed but shares are not in your demat account
IPO shares are allotted in demat form. Confirm which demat account and beneficiary details appear on your application, then give the registrar and DP the allotment record and account details. SEBI explains that a UPI debit notification and communication of allotment are separate processes:
“Under the UPI framework, the investor will be notified of the debit of funds from the bank account. However, the process of communicating the share allotment process shall be separate, as per the extant process.”
There is no single universal credit time established in the cited guidance. Check the schedule published for that IPO and contact its registrar if the shares are still absent after the stated date. SEBI UPI-ASBA FAQ
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- Start with the responsible entity. Contact the registrar for allotment status, the bank or UPI channel for a block or debit, or the intermediary that submitted the bid or mandate.
- Keep your records. Save the application and mandate details, bank or UPI transaction record, correspondence and complaint reference.
- Use SCORES if necessary. SEBI says investors should first approach the concerned entity, then lodge a securities-market grievance through SCORES if needed. SCORES facilitates grievance redressal; it does not guarantee reversal, allotment or compensation.
The current SCORES FAQ gives entities 21 calendar days to submit an Action Taken Report. If you are dissatisfied with the report, you may seek a first-level review within 15 calendar days from it. SCORES FAQ
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